Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2
Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has two reportable segments: Expedited Freight and Intermodal. The Company evaluates segment performance based on income from operations. Segment results include intersegment revenues and shared costs.  Costs related to the corporate headquarters, shared services and shared assets, such as trailers, are allocated to each segment based on usage. Shared assets are not allocated to each segment, but rather the shared assets, such as trailers, are allocated to the Expedited Freight segment. Corporate includes revenues and expenses as well as assets that are not attributable to any of the Company’s reportable segments.

The accounting policies applied to each segment are the same as those described in the Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2021, except for certain self-insurance loss reserves related to vehicle liability and workers’ compensation. Each segment is allocated an insurance premium and deductible that corresponds to the self-insured retention limit for that particular segment. Any self-insurance loss exposure beyond the deductible allocated to each segment is recorded in Corporate.
Segment results from operations for the three and six months ended June 30, 2022 and 2021 are as follows:
  Three Months Ended June 30, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 408,814  $ 106,405  $ —  $ —  $ 515,219 
Intersegment revenues 43  6  —  (49) — 
Depreciation 6,007  1,644  62  —  7,713 
Amortization 1,810  2,072  —  —  3,882 
Income (loss) from continuing operations 63,107  15,249  (2,811) —  75,545 
Purchases of property and equipment 8,765  —  —  —  8,765 
  Three Months Ended June 30, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 351,551  $ 69,120  $ —  $ —  $ 420,671 
Intersegment revenues 184  13  —  (197) — 
Depreciation 4,989  835  23  —  5,847 
Amortization 1,790  1,777  —  —  3,567 
Income (loss) from continuing operations 34,688  8,386  (950) —  42,124 
Purchases of property and equipment 5,724  156  —  —  5,880 
Six Months Ended June 30, 2022
Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 785,340  $ 196,840  $ —  $ —  $ 982,180 
Intersegment revenues 108  11  —  (119) — 
Depreciation 11,679  2,984  101  —  14,764 
Amortization 3,619  4,342  —  —  7,961 
Income (loss) from continuing operations 110,787  26,395  (4,286) —  132,896 
Purchases of property and equipment 17,721  952  —  —  18,673 
Six Months Ended June 30, 2021
Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 655,308  $ 127,622  $ —  $ —  $ 782,930 
Intersegment revenues 613  25  —  (695) (57)
Depreciation 9,982  1,634  26  —  11,642 
Amortization 3,595  3,414  —  —  7,009 
Income (loss) from continuing operations 59,218  12,895  (7,265) —  64,848 
Purchases of property and equipment 8,136  439  —  —  8,575 
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
Total Assets
As of June 30, 2022 $ 798,352  $ 300,035  $ 98,764  $ (8) $ 1,197,143 
As of December 31, 2021 777,987  249,467  90,588  (219) 1,117,823 

A reconciliation from the segment information to the consolidated balances for revenues is set forth below:

Three Months Ended Six Months Ended
June 30,
2022		 June 30,
2021		 June 30,
2022		 June 30,
2021
Intersegment revenues - continuing operations $ —  $ —  $ —  $ (57)
Intersegment revenues - discontinued operation —  —  —  57 
Consolidated intersegment revenues $ —  $ —  $ —  $ — 

Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2022 and 2021 are as follows:

  Three Months Ended Six Months Ended
  June 30,
2022		 June 30,
2021		 June 30,
2022		 June 30,
2021
Expedited Freight revenues:    
Network $ 263,425  $ 210,088  $ 506,839  $ 388,715 
Truckload 60,144  56,968  116,052  109,348 
Final Mile 73,028  69,883  138,786  132,139 
Other 12,260  14,796  23,771  25,719 
Total $ 408,857  $ 351,735  $ 785,448  $ 655,921